Artificial intelligence is quickly taking the world by storm. There’s no denying its impact on the financial marketing landscape. Thanks to these amazing tools, it’s now faster and easier to create large volumes of financial content. But is more always better? And how can you make sure your financial content marketing efforts stand out in a world increasingly dominated by AI generated materials? Fortunately, it’s far easier than you might think.
Content is Key in our Data-Driven Financial Marketing Environment
Today, putting out high-quality content for your brand isn’t a luxury; it’s a necessity. Why? In the online world, content is the primary representation of your brand.
Buyers use that content to decide whether they are interested in your product or service…or not. So, whatever your role in financial services, investment management, fintech or banking, your marketers should be focused on creating the most engaging content possible.
Take a look at some recent research statistics concerning the role of digital marketing for today’s financial brands, big or small:
· One Hubspot report found that 47% of buyers review three to five pieces of content before contacting a company.
· According to a Google Consumer Insights article, 84% of investors surveyed researched financial providers online before opening an account.
· Many consumers rely on online searching first to find a source for loans and mortgages (90%) and tax preparation services (76%), according to LSA Insights.
Not surprisingly, people report preferring content marketing to advertising. DemandMetric found that 80% of consumers surveyed appreciated learning about a company through custom content. Yes, instead of fancy marketing techniques, people today seem to prefer to simply be educated.
And, consumers seem to especially like content on financial products and services. According to a Content Strategist report, financial services content specifically enjoys a 70% average engagement rate, with a 52% average finish rate when reading these pieces. So whatever you’re writing about, e.g capital markets, derivatives, the New York Stock Exchange, equity, a commodity or something else, there’s probably a potential new customer out there interested in just that topic.
Has AI Impacted the Financial Content Marketing Landscape?
ChatGPT swept through the content marketing space like a hurricane, promising to slash content development time to a minimum. The reality is a bit different. Yes, artificial intelligence can help, but its not creative. And it’s not particularly good at engaging humans.
Instead, most report its output is more like plain vanilla. There’s also been a lag in quality and frequent issues with accuracy. Given these realities, it should primarily assist the content creator and should not be the key content creator itself. Instead, it seems best suited to act as a partner, helping your team members do their jobs more efficiently.
How to Use Your Humanity to Create More Effective Content
Although we’re not perfect, we humans do have strengths that even the smartest machines can’t yet emulate. That is the ability to empathize with other humans, hook them emotionally and create personalized experiences across various media types.
Bottom line…that’s your edge in creating content for your marketplace.
Tips for Financial Marketing in the Age of AI
Wondering what to do to improve your customer experience when it comes to your firm’s content? There are several factors that can help. Here are some actionable tips any firm can implement to increase leads and conversions and improve revenue generation.
1. Answer questions that real humans ask.
To differentiate your brand with content, you want to find ways to connect with the consumer. One effective way to do that is to simply answer the questions your firm gets asked repeatedly. Then, tailor content to those frequently asked questions, using common language. That way, a human will search for an answer to that question and appreciate a user-friendly response.
For example, you can develop a list of common questions in the customer journey. For example, if you’re writing for a credit union, you may want to start by thinking about the 10 most common questions you get regarding banking and credit unions. And not all of the content needs to be technical or even earth-shattering. In the right context, you can answer questions about customer expectations, such as “How long do you have to wait on hold to get customer service?” if your organization offers world-class response times.
That’s a good way to sidestep AI, as it will frequently state questions and answers in ways no real person is likely to phrase them.
2. Keep your content conversational.
Always keep the human element in mind. The main way to do that is write in a conversational manner. In other words, write like you talk.
Now, English majors may freak out, but that means breaking some grammatical rules and including a lot of contractions. Is it worth it?
Neil Patel is an authority on digital marketing strategies and the founder of KISSmetrics, Crazy Egg and Hello Bar. His team ran an A/B test on two versions of the same blog article. The only difference? One was written in a formal manner, and the other was written in a conversational tone.
They found some interesting results from this very original research:
- 247% more people read the entire article when written in a conversational tone.
- Readers spent an average of 4:45 minutes reading the informal and conversational version, but only 1:22 minutes on the formal alternative.
With the financial services business being known for jargon, I would argue that these numbers might be even higher in many instances.
Fortunately, writing in a conversational style is one of the simplest ways to personalize your content.
Neuroscientific research indicates that our brains are wired to respond to conversational language. When we read conversational text, our brains interpret it as if someone is speaking to us directly. This phenomenon is known as “neural coupling,” and it plays a crucial role in how we perceive and retain information. This can also build trust and make the potential customer feel listened to. And, as importantly, AI programs are not very good at writing like a human talks.
3. Don’t forget emotions.
When dealing with financial services marketing, it’s easy to forget that consumers still use emotion to make decisions. In fact, natural human biases can lead us to rely on emotion too much, which can lead to irrational decisions. In marketing, you want to take notice. Even large financial institutions today are getting in the game. If you google “Do you love your bank?” you’ll find many examples of bank marketing content with that in its title. With money, security is a big issue, so hitting on trust and credibility can stoke those with a fear of making the wrong choice.
Whether you’re writing the content in-house or using a marketing agency, be sure emotion is coming through. And it doesn’t have to be a positive emotion, either. Aggravating pain points can also be very effective.
Just be sure to avoid industry jargon and complex vocabulary. Speak as if you’re talking to a friend.
While AI tools can generate content at lightning speed, they lack the nuance and emotional awareness that a human touch provides. So whether you’re writing about the NYSE, return on investment, or the trillions of dollars of debt out there, keep it emotional, simple and conversational.
4. Shift some effort toward video and infographics.
They say a picture is worth a thousand words. Infographics and videos can all help explain concepts easily and increase engagement. While there are some AI capabilities in this area, they are not far along, so there’s definitely a human advantage. Once you create a video or infographic, those can be shared across multiple platforms such as LinkedIn, X, and Facebook, along with your website and blog.
5. Educate, don’t sell.
Finally, the last tip is to always educate. Don’t sell! Today’s consumer wants to learn specifically how you can help them before they get a sales pitch. The good news? The financial markets provide almost endless topic ideas, where you can add value to a consumer’s lives through content. Once you acehive customer engagement that way, you can gain their trust.
So again, put yourself in your customers’ shoes. Step back and reassess their choices. What are their questions? What do they need to learn more about to make an educated decision about your product and service? Enlighten them through content.
How Can We Use AI and Automation to Gain New Customers?
There’s never any shortage of marketing challenges, so while you may not want AI to create your content, there are still many things it can help with. We find that our team and many financial writers are now using AI editing as well as for research and analytics. When it comes to these more concrete marketing requirements, these automated assistants can excel. Things usually become challenging when original thought or creativity is needed.
Of course, we don’t know what the future holds. It’s only 2024, and it’s early innings in the AI game. The track record is still scant. Artificial intelligence may very well accelerate in this area and be able to create content like humans can. We don’t know. But for now, marketing leaders are finding ways to put these tools to work without sacrificing quality or results.
In the meantime, A.I might help with customer data and analytics, as well as personalization strategies, while the content is hand-created.
Key Takeaway
With the advent of AI, yes, the landscape has changed. Financial services providers, fintechs and other players have noticed. Direct marketing now is online marketing and AI is actively being used. Fortunately, search engines are noticing as well and prioritizing human-created content over mass-produced AI content whose value is based on sheer volume. But with change comes opportunity. Now is the time to leverage your human capital to provide engaging content to educate and delight your audience.
Contact Us
Need some help creating financial marketing content that engages your target audience?
Wavelength works with clients ranging from some of the world’s largest investment managers and insurers down to many small RIAs and solo wealth managers. We help you effectively differentiate your services and attract your target market.
